Former Deutsche Banker Faces Reckoning in $1.5M Crypto Scam

The man, who previously worked as a trader at Deutsche Bank, has been sentenced to three years and five months in prison

Rushawn Russell, 28, is facing the consequences of his actions. The young banker was sentenced to three years and five months in prison over his orchestration of a $1.5 million crypto Ponzi scheme that defrauded investors.

Russell promised investors returns of up to 25% of their original investment every month through the R3 Crypto Fund, supposedly an investment vehicle that he ran. However, he used the proceeds instead to fund personal expenses, including gambling.

Russell is also alleged to have been involved in another fraudulent activity, which involved 140 credit, debit, and ID cards that were pocketed from gym lockers across New York and New Jersey. He used those stolen cards to register online gambling accounts and buy various goods.

Understandably, he had to keep up appearances, convincing a good chunk of his investors that the company he operated was a legitimate fund with the ability to muster ROI. He ran his scheme from November 2020 through August 2022, and he fleeced not just anyone random, but for the most part – friends, former classmates, and even ex-colleagues at Deutsche Bank.

Soon enough, investors, most of whom were financial mandarins themselves, realized that there was something off about Russell’s promises and his ability to come through and deliver. Many requested reimbursements, but none came, alerting the victims that they had been taken in by a person they thought they knew.

Although a high-flyer himself and an academic prodigy, Russell decided to turn to crime. He was actually arrested earlier, as he is said to have continued to run his fraudulent identity scheme on top of the crypto scheme even after official proceedings against him had begun.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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